Student Loan Calculator
Enter your balance, rate and repayment term to see the monthly payment and the total cost of a student loan. Add an extra payment to see how much sooner it ends.
Enter your figures below. Results update as you type.
Monthly payment$379.84
- Loan balance 77%
- Interest 23%
- Total interest
- $10,581.04
- Total repaid
- $45,581.04
- Paid off in
- 10 yr 0 mo
Total cost of the loan
| Loan balance | $35,000.00 | 76.8% |
|---|---|---|
| Total interest | $10,581.04 | 23.2% |
- Total repaid
- $45,581.04
- Pay-off date
- Nov 2036
- Balance
- Interest paid
- Total paid
How the Student Loan calculation works
Payment = P x i / (1 - (1 + i)^-n)
$35,000 at 5.5% over the standard 10 years is $379.84 a month and $10,581 in interest, for $45,581 repaid in total.
Frequently asked questions
How is student loan interest calculated?
Interest accrues daily on the principal: balance times rate divided by 365. On $35,000 at 5.5% that is about $5.27 a day. Each payment covers the accrued interest first, then principal.
Should I pay extra on my student loans?
Extra payments go to principal and cut both the term and the interest, with no penalty on federal or most private loans. Compare the loan rate with what the money could earn elsewhere before deciding.
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